Dublin, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The "Hydrogen Compressor Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
Increasing in number of hydrogen fueling stations, and growing oil & gas refineries across the globe are the key factors driving the demand for hydrogen Compressor
The global hydrogen compressor market is poised to reach US$ 3.53 Bn by 2030, expanding at a CAGR of 4.8% during the forecast period from 2022 to 2030. Increase in number of hydrogen gas pipelines, innovations in automotive industries, government policies for clean fuel, and growing demand for hydrogen fueling stations are identified as the major factors driving demand for hydrogen Compressor worldwide.
However, higher initial cost, frequent maintenance, and dynamic price for raw materials are the major challenges faced by hydrogen compressor market.
Increasing demand for Hydrogen in Transportation sector is going to drive the market
Hydrogen fuel cells are considered to be one of the most emerging technology in automotive segment which is expected to create ample opportunities for hydrogen Compressor market. Few manufacturers like Hitachi Ltd. and Howden Joinery Group PLC have started developing this technology in order to cater this emerging market. In the recent years, the hydrogen fueling stations are expected to be the major drivers boosting the use of hydrogen Compressor. The United Kingdom is investing more in building distribution infrastructures for hydrogen fuel stations. Out of 327 operational stations worldwide, around 139 stations are based in Europe, 118 stations in Asia Pacific, 68 stations in North America, and one each in South America and Australia.
In 2018, according to International Energy Agency (IEA) there are around 12,900 units of fuel cell vehicle and 376 number of hydrogen fueling stations (HFS) globally. Out of which Europe holds 172 number of HFS, followed by Asia Pacific with 132 HFS, North America with 70 HFS, and Rest of World with 2 HFS.
Asia Pacific to Dominate, North America to Witness Strong Growth
Asia Pacific is expected to be the growing market for hydrogen fuel cells due to government policies and regulations over automotive sectors on countries like China, Japan, and India. In 2015, the Japanese government have invested around USD 460 million for the development of hydrogen stations. The hydrogen Compressor market is expected to experience a tremendous demand for petrochemicals and hydrogen fuel cell vehicle industries.
In India, manufacturers are coming up with hydrogen fuel cell technology in automotive segments such as buses, and cars which are expected to create some new opportunities for hydrogen Compressor market. Moreover, increase in number of automotive industries, construction industries, and SME;s in Asia Pacific region is expected to drive APAC hydrogen Compressor market.
North America to witness a strong growth in hydrogen Compressor, due to its wide variety of application in industries such as construction, mining, chemicals, and food processing units.
Market Segmentation
Technology
- Single-stage
- Multi-stage
Type
- Oil-based
- Oil-free
End User
- Oil and Gas
- Chemical Industries
- Utility Industries
- Other Industries
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Hydrogen Compressor market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Hydrogen Compressor market?
- Which is the largest regional market for Hydrogen Compressor market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Hydrogen Compressor market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Hydrogen Compressor market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Hydrogen Compressor Market: Competitive Analysis
4. Hydrogen Compressor Market: Macro Analysis & Market Dynamics
5. Hydrogen Compressor Market: By Technology, 2020-2030, USD (Million)
6. Hydrogen Compressor Market: By Type, 2020-2030, USD (Million)
7. Hydrogen Compressor Market: By End User, 2020-2030, USD (Million)
8. North America Hydrogen Compressor Market, 2020-2030, USD (Million)
9. UK and European Union Hydrogen Compressor Market, 2020-2030, USD (Million)
10. Asia Pacific Hydrogen Compressor Market, 2020-2030, USD (Million)
11. Latin America Hydrogen Compressor Market, 2020-2030, USD (Million)
12. Middle East and Africa Hydrogen Compressor Market, 2020-2030, USD (Million)
13. Company Profile
Companies Mentioned
- Hydro-Pac Inc.
- Howden Group
- Ariel Corporation
- Corken Compressor
- Atlas Copco AB
- Burckhardt Compression AG
- HAUG Sauer Kompressoren AG
- Gardner Denver
- Hitachi Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/2d3ojp
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